cryptoglobe.com
The price of the native token of a Solana-based non-fungible token (NFT) marketplace has skyrocketed by around 70% shortly after being listed on the popular cryptocurrency trading platform Coinbase.
The price of the cryptocurrency shot up shortly after being listed on Coinbase with the exchange’s Experimental label, used to mark tokens that are new to the exchange or have “relatively low trading volume compared to our broader crypto marketplace,” hitting a $2.2 high before dropping to around $1.8 at the time of writing.
According to a recent announcement from Coinbase, Tensor ($TNSR) the native token of the Solana-based NFT marketplace, can now be bought, sold, converted, sent and received across both the Coinbase website and its Android and iOS applications.
Tensor (TNSR) is now live on https://t.co/CD3RBjtMAO & in the Coinbase iOS & Android apps with the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) April 8, 2024
Earlier in April, Coinbase included TNSR in its “roadmap” zone, indicating the token was under consideration for a full listing. Coinbase also added support for Tensor on the Solana network, cautioning users against sending the asset via other blockchains due to potential loss of funds.
Despite being a recent entrant into the cryptocurrency market, TNSR has garnered significant attention as its daily trading volume surpassed the $750 million mark, and it was also recently listed on another major cryptocurrency exchange: OKX.
As CryptoGlobe has been reporting, the memecoin scene on the Solana network has been surging, with several traders making extreme returns off of newly launched digital assets. In one case, a memecoin saw a dramatic price rise of over 3000% over a 24-hour period, and a cryptocurrency trader managed to take advantage by betting 50 $SOL, worth around $9,000, in the cryptocurrency. Its rise has seen them make a profit of over $123,000.
In another case, a cryptocurrency trader managed to make a profit of over $3 million trading a newly launched Solana-based memecoin within just 12 minutes after betting nearly $2 million on it right after it started trading.
In yet another incident, a trader, identified on-chain by the alias “sundayfunday.sol,”turn a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.
Various users on the microblogging platform X (formerly known as Twitter), have suggested that the traders making such high-risk investments in these newly launched cryptocurrencies are the developers behind them or marketers helping pump the cryptocurrency’s price up so they could later sell the tokens at a higher value.